Certificates: “The usual suspects Rheinmetall and Nvidia”
DAX, defense and tech stocks – that's what certificate trading is mostly about. But gold and silver are also popular, with record prices making themselves felt. Cryptocurrencies are also a hot topic, especially Bitcoin.
4 September 2025. FRANKFURT (Börse Frankfurt). The favorites in certificate trading remain unchanged. “The last few weeks have been dominated by technology and defense, as well as demand for gold and silver due to security concerns,” reports certificate trader Simon Görich from Baader Bank. Peter Bösenberg from issuer Société Générale sees it similarly, but also notes a few anomalies: “In addition to the ‘usual suspects’ Rheinmetall and Nvidia, there was increased demand for Palantir in August,” he explains. Furthermore, banks are back in focus, specifically Commerzbank and Deutsche Bank. Also important: certificates on Bitcoin.
However, as always, the most traded underlying asset at Société Générale in the past four weeks was the DAX. This was followed by Nasdaq and gold, as well as the individual stocks Nvidia, Rheinmetall, Palantir, Novo-Nordisk, and Commerzbank. The top underlying assets at HSBC were the DAX and Nasdaq, and the individual stocks Rheinmetall, Palantir, and Nvidia, as Julius Weiß reports.
In addition to the DAX and Nasdaq, the Euro Stoxx 50 is also attracting interest. “Discount certificates were once again selling well, for example on the Euro Stoxx 50,” notes Görich. The high-turnover leverage product on the DAX at Société Générale is the open-end knock-out call with a strike price of around 23,432 points (DE000FA2X077). HSBC's open-end knock-out put (DE000HT6F0R2) with a barrier at around 24,535 points is also proving popular.
“Semiconductor manufacturers such as AMD are right at the top”
In terms of individual stocks, Novo-Nordisk came into focus due to its share price slide, as Bösenberg notes. The share price of the Danish group, which has long benefited from weight-loss injections, has more than halved since summer 2024. “With low prices and high volatility, many have opted for discount certificates,” he notes. One example is the discounter with a cap of 300 Danish kroner (DE000FA7DHH1).
Very popular at HSBC: a discount certificate on Siemens (DE000HT0NNT5) with a cap of €195, a discount of 19 percent, and a maximum return of 8.1 percent per year, as Weiß explains. A bonus cap certificate on the defense contractor Renk (DE000HT62M84) is also among the top sellers, with a cap of €85, a barrier of €37, and a maximum return of 16.5 percent per year.
Julius Weiß
According to Bösenberg, bets are being placed on the controversial US software company Palantir with open-end knock-out puts (DE000FA05ZV6) and on Commerzbank with mini future calls (DE000SJ6FF59). The share prices of Palantir and Commerzbank have recently fallen, but have still roughly doubled this year. Also popular with HSBC: a call warrant on Siemens Energy (DE000HT0X0G9) running until July 2027. “Semiconductor manufacturers such as AMD are also among the top performers in terms of number of trades,” explains Weiß. Crypto stocks such as Microstrategy and Coinbase are also in demand, as are momentum stocks such as Him & Hers, the US telehealth company.
“Certificates on gold and silver in high demand”
Gold has just reached a new all-time high of US$3,578. “Certificates on gold and silver continue to be in high demand,” explains Bösenberg, citing knock-out calls (DE000SX4MH51) as an example.
Bösenberg also sees growing demand – albeit still at a low level – for certificates on the Euro-Buxl future, a futures contract on fictitious long-term government bonds. “The yield on 30-year German government bonds has just risen to its highest level since 2011, and the yield on 30-year British government bonds to its highest level since 1998 – due to growing government debt,” notes Bösenberg. Betting on rising long-term interest rates is possible, for example, with the mini future put on the Euro-Buxl future (DE000FA89P83).
Many new crypto certificates
“Certificates on Bitcoin are becoming increasingly popular,” Görich also notes. Bösenberg also sees growing demand. Both refer to the new products from Société Générale. It now offers over 100 leveraged products on the CME Bitcoin future – “for risk-affine investors.” Bullish and bearish positions are possible with different knock-out barriers and subscription ratios. One example is the knock-out call with a threshold of $77,000 (DE000FA8XUQ1).
Simon Görich
By Anna-Maria Borse, 4 September 2025, © Deutsche Börse
About the Author
Anna-Maria Borse is a finance and economics editor specializing in financial markets/stock exchanges and economic issues.
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